TWEA is sometimes confused with the IEEPA, which grants somewhat broader powers to the President, and which is invoked during states of emergency when the United States is not at war. The IEEPA was passed in an attempt to rein in perceived abuses by the US President of the TWEA by making the powers subject to the National Emergencies Act (NEA). The NEA included a legislative veto to allow Congress to terminate a national emergency with a concurrent resolution.[2] However, the U.S. Supreme Court found such legislative vetoes unconstitutional in Immigration and Naturalization Service v. Chadha. Following the Court's decision, Congress amended the NEA to require a joint resolution.[3]
The law set the basis for sanctions by the United States.[4] As of 2023, Cuba is the only country restricted under TWEA.[5]North Korea was removed from the provisions of TWEA in 2008, although restrictions under IEEPA authority remain in effect.[6][7]
In 1933, newly-elected President Franklin D. Roosevelt issued Proclamation 2039, which declared a national emergency and imposed a bank holiday. The proclamation cited TWEA (obliquely referenced as the "Act of October 6, 1917") as the basis of his authority.[12] Aware that such action was legally dubious since the United States was not at war, Roosevelt asked Congress to ratify his actions by passing the Emergency Banking Relief Act, which amended TWEA to enable its use during any "period of national emergency declared by the President." President Franklin D. Roosevelt, using these new authorities, issued Executive Order 6102 to limit gold ownership. These restrictions continued until January 1, 1975. The TWEA has been amended several other times.
During and after both World Wars, property frozen by the United States, belonging to neutral or allied nations, was returned and property belonging to enemy nations was continuously confiscated until hostilities ceased. Some of the confiscated enemy property would not be returned later. Agreements to return some or most assets in exchange for seized American assets and reparations for war-damaged American interests by the new governments of the former enemy nations were later concluded. Nations or organizations that were deemed less responsible for starting the wars receive much more favorable treatment. The United States instituted the Italian Enemy Act of 1947 to deal with former members of the Mussolini regime from controlling interest in U.S. based businesses under the TWEA Act of 1917.
On December 16, 1950, the United States imposed economic sanctions against North Korea under TWEA,[13] which lasted until 2008.[6]
On August 15, 1971, President Richard M. Nixon issued Proclamation 4074, which declared a national emergency under TWEA and imposed a 10% ad valorem supplemental duty on all dutiable articles imported into the United States.[15]
Countries sanctioned under the Trading with the Enemy Act
Albania
Albania was invaded by the Central Powers during WW1. While the Central Powers occupied Albania, its assets from the areas they occupied were frozen to prevent the Central Powers from using Albanian assets. Because of this policy, once Central Powers occupation ended the sanctions were effectively lifted.[16]
During WW2, Albania was listed in 1941, to prevent its assets from being used first by the invading fascist Italy and then by the invading Nazi Germany,[17][18] and was delisted in 1946.[19]
Andorra
Andorra remained officially neutral during WW2. However, it was a tiny country between Axis-friendly Spain and the German puppet state Vichy France. Andorra was listed in 1941, to prevent its assets from being used by Nazi Germany and Vichy France,[17][18] and was delisted in 1946.[19]
Austria
Austria was invaded and annexed by Germany. It was listed in 1941, to prevent its assets from being used by the invading Nazi Germany,[17][18] and was delisted in 1946.[19]
Austro-Hungarian Empire
The Austro-Hungarian Empire was sanctioned in 1917 as an enemy state.[17][18] It continued to be sanctioned until after its defeat and dissolution in 1918 into Austria and Hungary. The United States remained at "war" with the then-nonexistent dissolved country for several years until deciding to ratify peace treaties with Austria and Hungary separately 1921. No actual combat is known to have taken place between the United States and Austria or Hungary after the empire's dissolution and before the ratification of the peace treaties.
Belgium
Belgium's property was frozen in the event the property was from the areas the invading Central Powers occupied during WW1 to prevent the Central Powers from using its assets. If the area was not occupied, the assets were not frozen. Because of this policy, once Central Powers occupation ended the sanctions were effectively lifted.[16]
Belgium was listed again in 1940, to prevent its assets from being used by the invading Nazi Germany,[17][18] and was delisted in 1946.[19]
Bulgaria
Bulgaria was a German and Austro-Hungarian ally during WW1 and some of its property was frozen or confiscated by the United States.[16] The United States and Bulgaria avoided declaring war on each other during WW1.
During WW2 Bulgaria was an axis power and was sanctioned again in 1941.[17] Sanctions were lifted in 1945.[19] In 1963 the government of Bulgaria agreed to accept American claims for lost property and war damages so the Bulgarians were allowed to reclaim the property America seized during WW2.[20]
Cambodia
Cambodia was sanctioned in 1975 as a result of the Vietnam War.[18][21] Trading With the Enemy Act sanctions were lifted in 1992.[22]
China
China was listed on two occasions. The Republic of China was first listed in 1941 to prevent invading Japan from using Chinese assets during WW2. China was delisted in 1946.[19] After WW2 the People's Republic of China was sanctioned and listed in 1950 for their involvement in the Korean War.[17][18] After President Richard Nixon's "opening with China" sanctions were lifted in 1975.[23]
Cuba
Following the Cuban missile crisis, the Bay of Pigs invasion, and the nationalization of U.S. property by the Castro regime, the United States imposed sanctions on Cuba in 1963.[18][21] TWEA sanctions continued throughout the Cold War because the US and Cuba often found themselves on opposite sides in various proxy conflicts throughout Latin America and Africa. The sanctions on Cuba were increased after the Cuban air force killed American protesters who were known to violate Cuban airspace. Cuba is currently the only state still under sanctions under TWEA.
Czechoslovakia
Czechoslovakia was invaded and annexed by Germany. In 1941 it was listed to prevent its assets from being used by the invading Nazi Germany.[17][18] Czechoslovakia was delisted in 1946.[19] Czechoslovakian assets were held until the government of Czechoslovakia agreed to return assets its German installed occupation government expropriated during WW2. These restrictions were lifted sometime between 1964 and 1967 after an agreement was reached.
Danzig
Danzig was listed in 1941 to prevent its assets from being used by Nazi Germany.[17][18] Germany was forced to give up the city of Danzig after WWI. As a result of it being a former German city, there was a considerable amount of support for Nazi Germany to re-annex the territory within the mostly ethnic German Free City of Danzig. The annexation of Danzig happened early in WWII. Sanctions were continued until Danzig ceased to exist. Danzig was made part of Poland and renamed Gdańsk. Danzig's German inhabitants were expelled to Germany as part of the Soviet proposal to prevent the German diaspora outside German borders after WW1 from helping start another world war by requesting annexation.
Denmark
Denmark was listed in 1940 to prevent its assets from being used by the invading Nazi Germany,[17][18] and was delisted in 1946.[19]
East Germany
East Germany, or eastern Germany before 1949, and East Berlin-origin assets were held until the government of East German agreed to return assets the Nazi German government expropriated during WW2. These restrictions were lifted sometime between 1964 and 1967 after an agreement was reached.
Estonia
Estonia was listed in 1940, to prevent its assets from being used by the invading Nazi Germany,[17][18] and was delisted in 1946.[19] Estonian assets were held until the government of Estonia agreed to return assets its German-installed occupation government expropriated during WW2. These restrictions were lifted sometime between 1964 and 1967 after an agreement was reached.
Finland
Finland was invaded in 1939 by the Soviet Union. As a result of this, it allied itself with Germany against the Soviet Union during most of World War 2. It was consequently sanctioned in 1941.[17] Finland was considered an ally of an enemy under TWTEA until the Lapland war in which Finland changed sides. Finland would have then been eligible for the classification of "allies or neutrals" and delisted with the rest of that group in 1946.
France
During WW1, France's property was frozen in the event the property was from the areas occupied by the invading Central Powers to prevent the Central Powers from using its assets. If the area was not occupied, the assets were not frozen. Because of this policy, once the Central Powers' occupation ended the sanctions were effectively lifted.[16]
During WW2, France was listed in 1940 to prevent its assets from being used by the invading Nazi Germany.[17][18] France was delisted in 1946.[19]
Germany
The Empire of Germany was first sanctioned in 1917 for its role in WW1. Germany remained sanctioned until a U.S.-German peace treaty was ratified in 1921.
Nazi Germany was sanctioned again in 1941 for its role in WW2.[17][18] Sanctions were lifted in 1946 by Executive Order 9788 and the Office of Alien Property created in the Department of Justice.[19] As Germany was judged to have a primary role in starting both world wars, the United States policy was to confiscate and sell off German assets that Germans acquired before 1946. The War Claims Act of 1948 distributed the vested property if a claim could be established.
Greece
Greece was listed in 1941, to prevent assets from being used by the invading Nazi Germany,[17][18] and was delisted in 1946.[19]
Hong Kong
Hong Kong was listed in 1941, to prevent its assets from being used by invading Japan,[17][18] and was delisted in 1946.[19]
Haiti
The military government of Haiti led by General Raoul Cedras and affiliated members such as the CIA-created FRAPH, was listed under the International Economic Powers Act (IEPA Act), now with the Trading With the Enemy Act that has its roots in World War I and the EIPA Act during the Cold War between the US and the former Soviet Union. Many members of the Haitian Army who had properties in the US, their properties either frozen or confiscated by the Clinton administration until they agreed to the return of deposed Haitian President Jean-Bertrand Aristide.[citation needed]
Hungary
Hungary was an Axis power and was sanctioned in 1941.[17] Sanctions were lifted in 1945.[19] Hungarian assets were held until the government of Hungary agreed to return assets it expropriated during WW2 and accept claims for war damages caused by Hungary.
Italy
Italy was an axis power until Italy was invaded and Mussolini's government deposed. Italy was sanctioned in 1941.[17] Sanctions were lifted in 1943 after the allies installed a friendly government and it switched sides.[19] Italy accepted an agreement to return expropriated American property and accept claims for war damages so it was allowed to reclaim its seized property.
Japan
In 1940 US President Franklin D. Roosevelt sanctioned Japan to punish it for invading China and French Indochina under the Export Control Act. In 1941, Roosevelt imposed sanctions under TWEA.[18] Some claim that this was the reason for the attack on Pearl Harbor later in 1941.[17] Sanctions were lifted in 1946.[19] Japan was widely unpopular for the surprise attack on Pearl Harbor. Because Japan was the reason for the United States entering World War II, and due to the fact many Americans wanted to stay out of European wars during both wartime periods, Japanese assets that the Japanese acquired before 1946 were confiscated and divested. The War Claims Act of 1948 distributed the vested property if a claim could be established.
Latvia
Latvia was listed in 1940, to prevent its assets from being used by the invading Nazi Germany,[17][18] and was delisted in 1946.[19] Latvian assets were held until the government of Latvia agreed to return assets its German-installed occupation government expropriated during WW2. These restrictions were lifted sometime between 1964 and 1967 after an agreement was reached.
Liechtenstein
Liechtenstein was listed in 1941. Liechtenstein was perceived to be on Germany's side by some allies even though it remained neutral.[17][18] Liechtenstein was delisted in 1946.[19]
Lithuania
Lithuania was listed in 1940, to prevent assets from being used by the invading Nazi Germany,[17][18] and was delisted in 1946.[19] Lithuanian assets were held until the government of Lithuania agreed to return assets its German-installed occupation government expropriated during WW2. These restrictions were lifted sometime between 1964 and 1967 after an agreement was reached.
Luxembourg
Luxembourg was listed in 1940, to prevent its assets from being used by the invading Nazi Germany,[17][18] and was delisted in 1946.[19]
Monaco
Monaco was listed in 1940, to prevent its assets from being used by the invading Nazi Germany,[17][18] and was delisted in 1946.[19]
Montenegro
Montenegro was invaded by the central powers during WWI. While the central powers occupied Montenegro, its assets from the areas they occupied were frozen to prevent the central powers from using Montenegrin assets. Because of this policy, once the Central Powers' occupation ended the sanctions were effectively lifted.[16]
North Korea was sanctioned in 1950 for aggression in the Korean War. The war is still officially in effect, with no peace treaty signed, and the sanctions has been kept due to North Korean terrorism, nuclear proliferation, and continued aggression toward the United States.[18] Trading with the Enemy Act sanctions were lifted in 2008 in response to North Korea's steps toward nuclear disarmament and commitments to continue dismantling its nuclear weapons program.[24] However, North Korea later developed and tested several more nuclear weapons, indicating that it was lying.[25] North Korea's designation was grandfathered from an old version of the law that allowed it to be used absent a declaration of war. Because there is no declaration of war between the United States and North Korea, TWEA sanctions cannot be reapplied, but it was re-sanctioned for reneging on its commitments through the IEEPA, along with other laws, and through UN Security Council resolutions.
North Vietnam
North Vietnam was sanctioned in 1964 during the Vietnam War.[23] Sanctions were continued until North Vietnam ceased to exist and were inherited by the Socialist Republic of Vietnam.
Norway
Norway was listed in 1940 to prevent its assets from being used by the invading Nazi Germany.[17][18] Norway was delisted in 1946.[19]
Ottoman Empire
The Ottoman Empire was in the Central Powers, an ally of the German Empire, Austria-Hungary and the Kingdom of Bulgaria, which was sanctioned alongside its allies in 1917 with the act, though entering the war later on. The Ottoman Empire and the United States are not known to have fought each other during the war, except for smaller-scaled naval conflicts and bombardments. And little, if any, property was seized from Ottomans as the Ottoman Empire had few resources to be seized that would contribute to the war and economic effort within the United States.
It was judged by the Office of the Alien Property Custodian that seizing the small amount of non-war related Ottoman property that was present in the United States at that time was counter-productive and would later on likely invite the Ottoman Empire onto seizing a larger amount of American property back as in-advance. Thus, the United States didn't want to provoke the Ottomans in such a way that would result in them possibly targeting US affiliates, companies, property and citizens living within the lands & areas they controlled in many ways, and prompt unnecessary mutual declarations of war.[16][26]
They remained sanctioned even after their defeat by signing the Mudros Armistice in 1918 until their dissolution with the later-to-be revoked Peace Treaty of Sevrés in 1921 when the sanctions were no longer in effect.
The Americans were not going to be directly involved in the Turkish War of Independence which would follow after the signing of Sevrés, nor implement any official sanctions but would support Ententé and Greek forces. Although not officially, a significant portion of the American Congress would later go on to criticise and proclaim the Lausanne Declaration Treaty that would follow after the independence war as invalid, rejecting it by still supporting the post-European and colonial claims on Turkish lands in the Balkans and the Anatoli.[27]
These rejections would later be disregarded, and the United States of America formally established normal & friendly relations with the newly established modern, and more Western-sidedTurkish Republic in 1927.
Thus, the new Republic of Turkey was not affected by any American or Allied sanctions anymore, either shortly after the end of the Independence War and the signing of the Lausanne Treaty or during WWII.
Poland
Poland was listed in 1941 to prevent its assets from being used by the invading Nazi Germany.[17][18] Poland was delisted in 1946.[19]
Portugal
Portugal was listed in 1941. While neutral, it traded raw materials used in military production with Germany, though it gave much more assistance and trade to the Allies than the Axis.[17][28] Portugal was delisted in 1948.[28]
Romania
Romania was invaded by the central powers during World War I. While the central powers occupied Romania, its assets from the areas they occupied were frozen to prevent the central powers from using Romanian assets. Because of this policy, the sanctions were effectively lifted once the Central Powers' occupation ended.[16]
In World War II Romania was an Axis power and sanctioned in 1940.[17] Sanctions were lifted in 1945.[19] Romanian assets were held until the government of Romania agreed to return assets its government expropriated during World War II and accept claims for war damage caused by Romania.
Romania has a long history of being misspelled by previous members of the government of the United States. Rumania and Roumania are common misspellings used in government documents.
Russia
The Russian Empire's property was frozen in the event the property was from the areas the invading Central Powers occupied during WW1 to prevent the Central Powers from using Russian assets. If the area was not occupied, the assets were not frozen. Because of this policy, once the Central Powers' occupation ended the sanctions were effectively lifted.[16]
San Marino
San Marino was listed in 1941. San Marino was perceived to be part of the Axis, though it remained neutral.[17] San Marino was delisted in 1946.[19]
Serbia
Serbia was invaded by the central powers during World War I. While the central powers occupied Serbia, its assets from the areas they occupied were frozen to prevent the central powers from using Serb assets. Because of this policy, once the Central Powers' occupation ended the sanctions were effectively lifted.[16]
Spain
Spain was listed in 1941 for aiding the Axis though officially remaining neutral.[17] Spain was delisted in 1946.[19]
Sweden
Sweden was listed in 1941. While Sweden was officially neutral, it aided both sides during WWII to avoid being at war with either.[17] Sweden was delisted in 1946.[19]
Switzerland
Switzerland was listed in 1941. Although neutral during WWII, it engaged in combat against both sides for infringing on its airspace or territory.[17] Switzerland was delisted in 1946.[19]
Thailand
Thailand was sanctioned in 1941. Thailand was invaded by the Japanese and as a negotiated settlement to the conflict, they became a Japanese ally during WW2. After Japan was defeated, Thailand's subsequent prime minister said the previous government didn't get a valid declaration of war and the previous prime minister's unilateral declaration was null and void.[17] The Office of Alien Property considered Thailand enemy-occupied instead of an enemy power so it was delisted in 1946 and eligible to get its property back.[19]
The Netherlands
The Netherlands was listed in 1940 to prevent its assets from being used by the invading Nazi Germany.[17][18] The Netherlands was delisted in 1946.[19]
Union of Soviet Socialist Republics
The Soviet Union was sanctioned several times under this act, though for a relatively short period. It was first listed in 1941 to prevent assets from being used by the invading Nazi Germany and other invading axis powers.[17] The Soviet Union was delisted in 1946.[19] Later it was sanctioned during four brief periods from 1972 to 1976 when other Presidential economic powers lapsed due to not being renewed by Congress during the Cold War.[17][18]
United States
Franklin D. Roosevelt used the Trading with the Enemy Act to shut down financial institutions and declare a "bank holiday" to prevent runs on the banks during the Great Depression in 1933. It was also used to outlaw most ownership of gold in an attempt to prop up the gold-backed dollar. The gold ownership ban was lifted by congressional amendment and gold was no longer used to back printed dollars.
In 1968 Lyndon Johnson used the law to restrict capital exports.[29]
In 1971 Nixon used the TWEA for currency manipulation in an attempt to boost US exports.[18]
In 1982 the United States Treasury Department announced the termination of the Presidential Proclamations and executive orders for the emergencies relating to the 1933 Great Depression ending all domestically oriented TWEA related programs.[30]
The Axis powers, originally called the Rome–Berlin Axis and also Rome–Berlin–Tokyo Axis, was a military coalition that initiated World War II and fought against the Allies. Its principal members were Nazi Germany, Fascist Italy and the Empire of Japan. The Axis were united in their far-right positions and general opposition to the Allies, but otherwise lacked comparable coordination and ideological cohesion.
The Office of Foreign Assets Control (OFAC) is a financial intelligence and enforcement agency of the United States Treasury Department. It administers and enforces economic and trade sanctions in support of U.S. national security and foreign policy objectives. Under presidential national emergency powers, OFAC carries out its activities against foreign governments, organizations, and individuals deemed a threat to U.S. national security.
During World War I and World War II, Switzerland maintained armed neutrality, and was not invaded by its neighbors, in part because of its topography, much of which is mountainous. Germany was a threat, and Switzerland built a powerful defense. It served as a "protecting power" for the belligerents of both sides, with a special role in helping prisoners of war. The belligerent states made it the scene for diplomacy, espionage, and commerce, as well as being a safe haven for 300,000 refugees.
Almost every country in the world participated in World War II. Most were neutral at the beginning, but only a relative few nations remained neutral to the end. The Second World War pitted two alliances against each other, the Axis powers and the Allied powers. It is estimated that 74 million people died, with estimates ranging from 40 million to 90 million dead. The main Axis powers were Nazi Germany, the Empire of Japan, and the Kingdom of Italy; while the United Kingdom, the United States, the Soviet Union and China were the "Big Four" Allied powers.
The Allies, formally referred to as the United Nations from 1942, were an international military coalition formed during World War II (1939–1945) to oppose the Axis powers. Its principal members by the end of 1941 were the "Big Four" – the United Kingdom, United States, Soviet Union, and China.
The International Emergency Economic Powers Act (IEEPA), Title II of Pub. L.95–223, 91 Stat. 1626, enacted October 28, 1977, is a United States federal law authorizing the president to regulate international commerce after declaring a national emergency in response to any unusual and extraordinary threat to the United States which has its source in whole or substantial part outside the United States. The act was signed by President Jimmy Carter on December 28, 1977.
The Office of Alien Property Custodian was an office within the government of the United States during World War I and again during World War II, serving as a custodian to property that belonged to US enemies. The office was created in 1917 by Executive Order 2729-A under the Trading with the Enemy Act of 1917 (TWEA) in order to "assume control and dispose of enemy-owned property in the United States and its possessions."
Germany–Russia relations display cyclical patterns, moving back and forth from cooperation and alliance to strain and to total warfare. Historian John Wheeler-Bennett says that since the 1740s:
The World Jewish Congress lawsuit against Swiss banks was launched in 1995 to retrieve deposits made into the three largest Swiss banks by victims of Nazi persecution during and prior to World War II. WJC negotiations were initiated with the Government of Switzerland and Swiss banks, and later expanded to cover Swiss insurance companies, over burdensome proof-of-ownership requirements for accounts and insurance policies. Strong support from both federal and state United States politicians and officials, threats of sanctions against the three Swiss banks, as well as leaked documents from a bank guard pressured a settlement of the suit in 1998 in a U.S. court for multiple classes of people affected by government and banking practices. The Swiss government itself was not a signatory to the deal. As of early 2020, US$1.29 billion has been disbursed to approximately 458,400 claimants.
The neutral powers were countries that remained neutral during World War II. Some of these countries had large colonies abroad or had great economic power. Spain had just been through its civil war, which ended on 1 April 1939 —a war that involved several countries that subsequently participated in World War II.
The policy of neutrality was adopted by Ireland's Oireachtas at the instigation of the Taoiseach Éamon de Valera upon the outbreak of World War II in Europe. It was maintained throughout the conflict, in spite of several German air raids by aircraft that missed their intended British targets, and attacks on Ireland's shipping fleet by Allies and Axis alike. Possibilities of both German and British invasions were discussed in Dáil Éireann. Both eventualities were prepared for, although the most detailed preparations were done with the Allies under Plan W. De Valera's ruling party, Fianna Fáil, supported his neutral policy for the duration of the war.
Foreign relations of the Axis powers includes states which were not officially members of the Axis but had relations with one or more Axis members.
There have been a number of international sanctions against Iran imposed by a number of countries, especially the United States, and international entities. Iran was the most sanctioned country in the world until it was surpassed by Russia, following Russia's invasion of neighboring Ukraine in February 2022.
The foreign relations of Third Reich were characterized by the territorial expansionist ambitions of Germany's dictator Adolf Hitler and the promotion of the ideologies of anti-communism and antisemitism within Germany and its conquered territories. The Nazi regime oversaw Germany's rise as a militarist world power from the state of humiliation and disempowerment it had experienced following its defeat in World War I. From the late 1930s to its defeat in 1945, Germany was the most formidable of the Axis powers - a military alliance between Imperial Japan, Fascist Italy, and their allies and puppet states. Adolf Hitler made most of the major diplomatic policy decisions, while foreign minister Konstantin von Neurath handled routine business.
The diplomatic history of World War II includes the major foreign policies and interactions inside the opposing coalitions, the Allies of World War II and the Axis powers, between 1939 and 1945.
Operation Safehaven (1944–48) was an intelligence program developed by the United States during the Second World War to prevent Nazi Germany and Axis partners of the Third Reich from hiding assets, in particular in neutral countries, for use after the war The program was designed and carried out by the US partnered with Great Britain and France. The program began in 1944 with Nazi defeat looming and evidence that Germany was covertly transferring sources of capital to neutral countries to escape war reparations and potentially aid a resurgence of the regime in the post-war period.
International sanctions have been imposed against Russia and Crimea during the Russo-Ukrainian War by a large number of countries, including the United States, Canada, the European Union, and international organisations following the Russian annexation of Crimea, which began in late February 2014. Belarus has also been sanctioned for its cooperation with and assistance to Russian armed forces. The sanctions were imposed against individuals, businesses, and officials from Russia and Ukraine. Russia responded with sanctions against several countries, including a total ban on food imports from Australia, Canada, Norway, Japan, the United States, the EU and the United Kingdom.
Iranian frozen assets in international accounts are calculated to be worth between $100 billion and $120 billion. Almost $2 billion of Iran's assets are frozen in the United States. According to the Congressional Research Service, in addition to the money locked up in foreign bank accounts, Iran's frozen assets include real estate and other property. The estimated value of Iran's real estate in the U.S. and their accumulated rent is $50 million. Besides the assets frozen in the U.S., some parts of Iran's assets are frozen around the world by the United Nations.
Following the full declaration of the Russian invasion of Ukraine, which started on 24 February 2022, institutions such as the United States, the European Union, and other Western countries introduced or significantly expanded sanctions covering Russian President Vladimir Putin, other government members and Russian citizens in general. Some Russian banks were banned from using the SWIFT international payments system. The sanctions and the boycotts of Russia and Belarus have impacted the Russian economy in various ways. However, sanctions and rising unemployment have contribute to Russian authorities as strategic advantages to boost localization and state conscription, increasing geopolitical fragmentation between third world and western nations enables Russia to exploit global trade networks to secure essential goods.
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